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RESERVE BANK OF NEW ZEALAND— continued Balance-sheet as at 31st March, 1946 Liabilities Assets £ s. d. £ 8. d. General Reserve Fund .. .. .. .. 1,500,000 0 0 Gold (at face value) .. .. .. .. 2,801,877 10 0 Banknotes .. .. .. .. .. 43,489,03} 0 0 Sterling exchange .. .. .. .. 65,655,890 8 2 Demand liabilities— Subsidiary coin .. . . .. .. 14,076 1 5 (а) State .. .. .. .. .. 24,516,168 11 8 Advances to the State or State undertakings— (б) Banks .. .. .. .. 47,773,404 12 1 (1) Marketing organizations .. .. .. 1,578,919 10 4 (c) Other .. .. .. .. .. 467,687 18 3 (2) For other purposes .. .. .. 45,000,000 0 0 Liabilities in currencies other than New Zealand Investments .. .. .. .. .. 5,191,852 5 7 currency .. .. .. .. .. 18,188 13 6 Other assets .. .. .. .. .. 984,353 5 6 Other accounts .. .. .. .. 2,921,568 6 9 Profit and Loss Appropriation Account .. .. 540,919 18 9 £121,226,969 1 0 £121,226,969 1 0 N.B.—Holdings of sterling have been converted into New Zealand currency at the rate of £(stg.)loo equals £(N.Z.)124. W. L. Ward, Governor. E. C. Fussell, Deputy Governor. W. R. Eggers, Chief Accountant. Auditors' Certificate and Report.—We have audited the balance-sheet as at 31st March, 1946, above set forth and have obtained all the information and explanations we have required. We have accepted the certificate of the Bank of England as to assets held on account of the Reserve Bank of New Zealand. In our opinion the balance-sheet is properly drawn up so as to exhibit a true and correct view of the state of affairs of the Bank as at 31st March, 1946, according to the best of our information and the explanations given to us and as shown by the books of the Bank. J L GRnTm° N Accountants, Auditors. Wellington, N.Z., 24th June, 1946.

Approximate Cost of Paper.—Preparation, not given ; printing (698 copies, £25)

By Authority: E, V, Paul, Government Printer, Wellington.— 1946.

Price 6d,

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